Banks fear new Saudi mort­gage law

RIYADH: Saudi banks are wor­ried about hav­ing to deal with huge losses when the long­pro­posed mort­gage law comes into force. The Saudi Gazette cited busi­ness sources close to the Saudi Ara­bian Mon­e­tary Agency (SAMA), who said that a drop in house prices af­ter the law comes into ef­fect could leave banks in the red if own­ers fail to pay monthly in­stall­ments or lose their jobs. Those con­cerns are ex­ac­er­bated by the cur­rent in­fla­tion in the real es­tate mar­ket. -PB News